An $80 million loan from the Puerto Rico State Insurance Fund to Francisco Rivera Fernández, through his firm Pariter Wealth Management, is under scrutiny, raising questions about access to the island’s largest investment portfolio for a broker with a history of client complaints. The transaction, first reported by Bonita Radio, has prompted calls for an audit of public investments and sparked allegations of corruption.
According to documents reviewed by world-today-news.com, the loan was facilitated while Ricardo Rosselló Nevares was governor. Details of the contact between Pariter Wealth Management and the Rosselló administration have surfaced, though the precise nature of that contact remains unclear.
Rivera Fernández is the president of Pariter Wealth Management Group, LLC and Pariter Securities, LLC. Both firms, along with Pariter Wealth Management Group, LLC, Pariter Risk Management Inc., and Pariter Advisors LLC, were parties to a legal case filed in February 2025, Sala-Colon et al v. Rivera-Fernandez et al, in the Puerto Rico District Court (Case 3:2025cv01098). The case also names Javier Fernando Reyes-Colon as a defendant.
Arkadios Capital, LLC, and its affiliated entities, Arkadios Wealth Advisors and MSY Securities, LLC, are also involved in the litigation. Maria Dolores Trelles-Hernandez of Pietrantoni Mendez & Alvarez represents Arkadios Capital, LLC, and the related firms. Sonia M. Lopez-Del Valle, Roberto C. Quinones-Rivera, and Victoria M. Rivera-Llorens of McConnell Valdes LLC represent Pariter Wealth Management Group, LLC, Pariter Securities, LLC, and Pariter Risk Management Inc.
The Office of the Commissioner of Insurance (OCIF) continues to await information regarding The Phoenix Fund, according to a report in El Nuevo Día from September 16, 2025. This suggests ongoing scrutiny of investment vehicles and financial dealings connected to Puerto Rico’s public funds.
Francisco J. Rivera also served as President of Pariter Wealth Management, according to a 2015-2016 report from the Puerto Rico Chamber of Commerce.
As of March 5, 2026, neither the Puerto Rico State Insurance Fund nor the office of Ricardo Rosselló Nevares have issued a public statement regarding the $80 million loan. A hearing in the Sala-Colon et al v. Rivera-Fernandez et al case is scheduled for an unspecified date.
